The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.
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Large banks are offering consumers inferior credit card terms and interest rates compared to their small bank and credit union peers, according to a Feb. 16 Consumer Financial Protection Bureau report.
The Consumer Financial Protection Bureau recently settled a foreclosure scam case by reaching a $12 million settlement with Consumer First Legal Group LLC.
The Consumer Financial Protection Bureau is proposing banning financial institutions from charging non-sufficient funds fees for transactions declined in real-time.
The Consumer Financial Protection Bureau and seven state attorneys general sued New York-based debt relief services company Strategic Financial Solutions for allegedly running an illegal debt-relief enterprise
The Consumer Financial Protection Bureau is cautioning credit reporting companies against sloppy credit file sharing practices and providing erroneous background check reports.